Uber has dropped a scheme which saw it spend more than $200,000 (£165,000) a year on balloons for its employees.
The firm purchased balloons for all employees in its San Francisco office to celebrate their “Uberversary,” the anniversary of them joining the company.
The company’s chief financial officer, Nelson Chai, emailed Uber employees to say that the expenditure on balloons is coming to an end, Crunchbase News reported.
Mr Chai said that the firm would now give employees stickers for their work anniversary, a switch that he reportedly said could save the firm $200,000 in its San Francisco headquarters alone.
“It’s not only a great way to find dollars we can invest back into the business, it’s also more environmentally friendly,” he reportedly wrote in the email.
The decision is reportedly part of an internal scheme called “#FindTheMoney.” Uber employees have been encouraged to suggest ways that the company can reduce its costs in order to improve its margins.
Uber’s cost cutting initiative comes after the firm recorded one of the largest losses suffered by a US company since the financial crisis earlier this month.
It revealed that it had lost $5.2bn, although that figure included a $3.9bn charge for stock-based compensation for employees as part of the firm’s May listing.
The company also announced its slowest-ever growth rate. Revenue rose 14pc to $3.17bn, although that growth was below analysts’ expectations.
Uber’s latest disappointing earnings caused the company’s share price to drop 10pc on the day it announced the figures.
Chief executive Dara Khosrowshahi has defended Uber’s finances against skepticism. He recently told analysts that “We’re very confident that this company, at maturity, can be cash-flow positive. We can scale expenses and get really efficient with our marketing and incentives spend.”
An Uber spokesman did not respond to a request for comment.